Media and Social Responsibility in the Context of

Economic Issues

Ashish Pundhir*, Rajesh Meena**, Rajat Kumar Gujral*** and

Naresh Kumar* ***

This paper highlights that the media is covering economic events is also in study
hindering good public policy and reducing the probability of structural reform taking place
rather than increasing the chances ofit happening. Perhaps the ,'nedia should reflect on
whether their coverage ofeconomic events is serving thepublic interest. Media has a
significant and indispensableplace in our lives. It brings to us the true face of today's world
aface which is usually hidden from the common man. It makes us realise that we are being
ruled by the wrongpeople politicians who are only interested in their personal gains and not
the welfare oftheir people. Salute the mediafor its incomparable contribute, which will
definitely, benefit the nation and its people in the long run. Though media has at times
successfullyplayedthe role ofa watchdog ofthe governnzentfunctionaries and has also aided in
participatory communication, a lot still needs to be done.

Keywords: Media, social responsibility, economic issues, Indian media, Media groups.

Introduction
India is one of the fastest growing nations in the world. India, a land of more than one
billion people and huge opportunities has a uniciue personality. The personality of this
country is describe through its art, culture, industries, etc. and here dialects, culture, even
cuisine changes every 1015 miles as one goes by.
Media is suggested to be a catalyst toward economic impact. Studies posit that media
information has either a negative and positive affect, which in turn can impact individual's
attitude. Consumer behavior research supports the idea that negative media content on the
certain issues can cause the economy to fluctuate.

Research Scholar, Deptt. of EAFM, UOR, Jaipur.

** Research Scholar, Deptt. of EAFM, UOR, Jaipur.
*** Research Scholar, Deptt. of EAFM, UOR, Jaipur.
Associates Professor, Deptt. of EAFM, UOR, Jaipur.
gnd social Responsibility in the Context of Economic Issues
73

This study explores how media functions and how media concepts are related to economic
 t. Research in media impact on the economy ofthe Mississippi GulfCoast after the
Deepwater Horizon oil spill is the focus of study. Relating media and its impact on the
economy is challenging necessary factor to study while in pursuit of understanding
other factors in economic impact and media effects. The behavior of the economy can
be impacted by how the media presents infonnation towards the public.
For successful completion of any project the most important requirement is to create a
meaningful background with solid theoretical piling. In this chapter a humble effort has been
made to explain media and social responsibility in the context of economic issues theory and
its different tools. Basic theory of media and social responsibility in the context of economic
issues, its objectives, different Medias and factors affecting issues effectiveness are
discussed in this chapter. The whole theoretical framework is required to understand the
research project media and social responsibility in the context of economic issues.
The media has played a pivotal role in improving the public's awareness about economic
issues. However, the way media is covering economic events is also in my opinion hindering
good public policy and reducing the probability of structural reform taking place rather than
increasing the chances of it happening. Perhaps the media should reflect on whether their
coverage of economic events is serving the public interest.
It would state that ifthe media made changes to the way it deals with economic issues, it
would become a formidable agent of reform that is badly needed. Firstly, it needs to be more
aware of the impact of different policy choices on the different econolfiic classes and
champion the cause ofthe most vulnerable and poorest segments of society. Secondly, a
balanced editorial policy and reporting, which uses both the carrot (support and praise) and
stick (criticism) to encourage difficult but necessary public policy choices and discourages
poor policies and flawed implementation, must be developed.Thirdly, by placing more
emphasis on structural issues it can help strengthen the proreform constituency in the country.
The writer works for a local conglomerate.

Review of literature
Edward Shinnick (2016) Changes in technology bring new challenges and opportunities
for every industry, and the media industry is no different. Today people use mass media, and
in particular the Internet, to participate in diseussions and debate, to advertise and sell their
products, to collect and store knowledge and to interact with the global community on the
information superhighway. Given both the fast pace of innovation in the media industry and
consumer demands for ever greater media content regulatory authorities are faced with
challenging times.
Ghoul sadok EL, et al (2016) Prior research suggests that the media plays an important
information intermediary role in capital markets. We investigate the role of the media in
influencing firms' engagement in corporate social responsibility (CSR) activities. Using a
large sample of4,453 unique firms from 53 countries over the period 2003 to 2012, we find
strong evidence that firms engage in more CSR activities if located in countries where the
media has more freedom.
 74 Economic Administration
Review vol. 33, No. 1, Jan.-
June, 2016

Steven S Wildman (2015) Media industries and services present a complex set of challenges
to economic analysis: challenges made more difficult by the technological changes that have
been transforming the media sector. Research on the economics of media has made major
advances.
Suresh M. Hiremath (2013 ) Media plays a vital role in a democratic country like India.
Because, a democratic system can run to its utmost potential when there is wide public
participation which is not possible without people getting informed about various issues. This is
where media steps in. Media historically evolved to inform, educate and entertain people. In the
present century, mass media is influencing people's life in different ways. Print media, being the
leader over a considerable period of time has now got competition from Television, which is
reshaping many of the social responses. Radio, apart from providing news and views, has also
developed a flair for entertainment.
Ravi Dr. B.K. (2012) For healthy, meaningful, harmless, non-interfering and contributive
functioning with maximized Benefits, every media theory has reiterated that the intricacies of
media practices should essentially be compatible with the social structure, cultural ethos and
psycho-social ramifications of the land and the region. However, the practices currently adopted
are more often borrowed or imitative of the extraneous, foreign and strange to be deciphered and
accepted, especially in a nation like India.

Media and Social Responsibility

The normative view of the press argues that the conduct of the media has to take into
account public interests. The main public interest criterions that the media need to consider
include freedom of publication, plurality in media ownership, diversity in information, culture
and opinion, support for the democratic political system, support for public order and security of
the state, universal reach, quality of information and culture disseminated to the public, respect
for human rights and avoiding harm to individuals and the society. The social responsibilities
expected from media in the public sphere were deeply grounded with the acceptance of media as
the fourth estate, a term coined by Edmund Burke in England. With the formation of the 1947
Commission on the Freedom of the Press the social responsibility of media became a strong
debating point. It was formed in the wake of rampant commercialization and sensationalism in
the American press and its dangerous trend towards monopolistic practices. The report of the
Hutchins Commission, as it was called, was path breaking on its take on social responsibility and
the expected journalistic standards on part of the press. The theory of social responsibility
which came out of this commission was backed by certain principles which included media
ownership is a public trust and media has certain obligations to society; news media should be
fair, objective, relevant and truthful; there should be freedom of the press but there is also a need
for self-regulation; it should adhere to the professional code of conduct and ethics and
government may have a role to play if under certain circumstances public interest is hampered.
Media gnd Social Responsibility in the Context of Economic Issues
75

Methodology
Jaipur represent the division of the state of Rajasthan. So this city from the universe for
the sample survey. The researcher considered using simple random sampling method to
select sample for the survey as it is a probability sampling as they are representative and
provide most valid and reliable results. But it is virtually impossible to prepare foolproof
sampling frames that provide each and every member of the universe equal chance of
selection. The assumption of equal chance ofselection which is very critical for random
sampling, mean that sources such as a telephone book or voter registration lists are not
adequate for providing a random sample of the universe. In both these cases there will be a
number of people whose names are not listed. Given the difficulty level involve with this
method it was not use.
Hence the researcher employee the systematic stratified sampling method for this study. A
total of 50 samples were selected from the Jaipur city chosen for the study. This city chosen for
the study are governed by corporations. This city are divided into cast categories; namely
ST(schedule tribes), SC (schedule casts), OBC (other backward class ), GEN (general).

Media Groups
The study area is limited to the state of Rajasthan and further in to two sub category namely:
1. Urban Rajasthan
2. Rural Rajasthan
In addition to above, in the present study media groups are limited to the audience. The
audience is classified in four categories to whom economic issues are widely important in term of
social responsibility of media. These socio-economic classes, in term of media groups are divided
into four categories, namely:
l . Farmers
2. Retail traders
3. Small scale industry
4. Other Occupancies
In further, the presence of media in research area is further sub classified in to three categories:
l. Print media
2. Electronic media
3. Social media
Media's Approach to Economic Issues
The media has played a pivotal role in improving the public's awareness about economic
issues. However, the way media is covering economic events is also in my opinion hindering
good public policy and reducing the probability of structural reform taking place rather than
increasing the chances of it happening. Perhaps the media should reflect on whether their
coverage of economic events is serving the public interest.
Economic Administration
Review vol. 33, No. 1, Jan.-
June, 2016
76

Data Interpretation
The satisfaction ofrespondent on media coverage based on following real life economic issues
selected of last ten years:
This question shows that the satisfaction of respondent on media coverage based on following real
life economic issues selected oflast ten years. In Implementation ofMNREGA scheme 8 percent
respondents said excellent, 14 percent said satisfactory and 78percent said unsatisfactory, in Lo waver
scheme of 2007 10 percent said Excellent, 14 percent said Satisfactory and 78 percent said
Unsatisfact01Y, in Coal scam 12 percent said Excellent, 1 8 percent said Satisfactory and 70 percent
said Unsatisfactory, in FDI in India 10 percent said Excellent, 20 percent said Satisfactory and 70
percent Unsatisfactory, in ADHAR yojana and its implementation 10 percent said Excellent, 22 percent
said Satisfactory and 68 percent said Unsatisfactory, in Issues of allow FDI in multi brand retail trade
10 percent said Excellent, 20 percent said Satisfactory and 70 percent said Unsatisfactory, in Suicide of
farmers 12 percent said Excellent, 18 percent said Satisfactory and 70 percent said Unsatisfactory, in
Minimum support price ofagriculture crops I Opercent said Excellent, 16 percent said Satisfactory and
74 percent said Unsatisfactory, in Price hike and inflation 14 percent said
Table I
The satisfaction of respondent on media coverage based on following
real life economic issues selected of last ten years.
 Particular Excellent Satisfactory Unsatisfactory Total

Implementation of MNREGA
9
scheme 4 8 7 14 39 78 50 100
Loan waver scheme of 2007 5 10 7 14 39 78 35
50 100
70
Coal scam 12
6 9 18 35 70 50 100
FDI in India 5 10 10 20 35 70 50 100
ADHAR yojana and its
implementation 5 10 Il 22 34 68
50 100
Issues of allow FDI in multi
brand retail trade 5 10 10 20 35 70 50 100
Suicide of farmers 6 12 9 18 35
70 50 100
Minimum support price of
agriculture crops 5 10
8 16 37 74 50
Price hike and inflation 7 14 100
11 22 32 64
Thirteenth five year plan 6 12 50 100
8 16 36
Poverty 5 10 10 72 50 100
20
Mall nutrition 4 8 18 37 74 5050 100100 Media anu Social Responsibility
in the Context of Economic Issues 77

Excellent, 22 percent said Satisfactory and 64 percent said Unsatisfactory, in Thirteenth five year plan
12 percent said Excellent, 16 percent said Satisfactory and 72 percent said Unsatisfactory, in Poverty
10 percent said Excellent, 20 percent said Satisfactory and 70 percent said Unsatisfactory, last in Mall
nutrition 8 percent said Excellent, 18 percent said Satisfactory and 74 percent said Unsatisfactory.

Conclusion
It would state that ifthe media made changes to the way it deals with economic issues, it
would become a formidable agent of reform that is badly needed. Firstly, it needs to be more
aware of the impact of different policy choices on the different economic classes and champion
the cause of the most vulnerable and poorest segments of society. Secondly, a balanced editorial
policy and reporting, which uses both the carrot (support and praise) and stick (criticism) to
encourage difficult but necessary public policy choices and discourages poor policies and
flawed implementation, must be developed.Thirdly, by placing more emphasis on structural
issues it can help strengthen the proreform constituency in the country. The writer works for a
local conglomerate.

REFERENCES
Edward Shinnick, 2016, Economic Issues in Media Regulation: An EU and US Perspective, IGI global.
Ghoul sadok EL, ef al, 2016, New Evidence on the Role ofthe Media in Corporate Social Responsibility,
social science research network.
Steven S. Wildman, 2015, The Economics of the Media, Edward Elgar Publishing.
Suresh M. Hiremath, 2013, Media and Social Responsibility, www.injctr.com , Int. J. Cur. Tr. Res
(2013) 2 20-22.

Ravi Dr. B.K., 2012, media and social responsibility: a critical perspective with special reference to
television, Academic Research International.
McQuail, D., 2005, McQuail's Mass Communication Theory. Vistaar Publications.

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